卷二第七章觅价与价格分歧

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5 value interest income investment wealth capital cost rent profit pricing arrangements price searching transaction costs factors of production Coase Theorem 5

6 6

7 theory of interest finance J.Hirshleifer I.Fisher, risks investment theory index numbers 7

8 inflationary expectation real rate of interest terms structure of interest rates 8

9 9

10 numeraire impatience to consume opportunity to invest resource present value future value 10

11 Income is a series of events wealth annuity income M.Friedman A Theory of the Consumption Function permanent income 11

12 dictum Interest is not a part of income, but the whole of income capital value capital asset income discounted future income discounted present income factors of production investment Investment is the balancing of consumption over time Income is potential consumption without trenching on wealth 12

13 saving 13

14 % % 14,586 8,103 6% 1,312, ,416 8% 118,187,944 65,659, consumption 14

15 indifference curve marginal time preference rate time shape wealth non-pecuniary income 15

16 rate of return over cost Alchian utility non-pecuniary goods pecuniary goods 16

17 conservation 17

18 internal rate of return Fisher solution wealth M.Faustmann M.Gaffney Faustmann solution P.Samuelson 18

19 K.Boulding 19

20 20

21 separation theorem necessary but not sufficient 21

22 H.Johnson potential actual The Theory of Interest 22

23 cost rent profit 23

24 cost cost opportunity cost The cost of an event is the highest-valued opportunity necessarily forsaken 24

25 use value annuity cost 25

26 Cost transaction cost transaction cost social cost 26

27 comparative cost the law of comparative advantage specialize M.Friedman D.Ricardo absolute advantage ratio A B

28 J.S.Mill1848 E.Heckscher1919 B.Ohlin1933 A.P.Lerner1932 P.A.Samuelson1948 purchasing power parity 28

29 29

30 rent economic rent quasi rentquasi A.Smith The Wealth of Nations resource allocation income distribution surplus H.George, Progress and Poverty,

31 differential rent long runshort run quasi rent economic rent rent Mrs.J.Robinson The Economics of Imperfect Competition A Digression on Rent Elvis Presley 31

32 32

33 monopoly rent M.Friedman G.J.Stigler 33

34 profit normal profit abnormal profit Profit profit differential rent imputed rent 34

35 profit profit and loss statement profit windfall profit windfall loss maximization 35

36 windfall 36

37 A.Smith 37

38 the law of diminishing marginal productivity the law of diminishing returns empirical law variables marginal product marginal productivity theory factors of production production function 38

39 total product average product marginal product F.H.Knight,1921 lumpiness indivisibility linearly homogeneous P.Wicksteed the law of variable proportions 39

40 Wicksteed factor demand curve 40

41 short run long run Marshall one instant of time postulate 41

42 U-shape J.Viner Y.K.Wong mass production lumpiness indivisibility J. Hirshleifer entrepreneurial capacity 42

43 efficiency unit neoclassical economics 43

44 A.A.Alchian Costs and Outputs 1959 B.F.Haley the relevant run program volume of output rate of overhead costs J.Hirshleifer propositions 44

45 rate of output volume of output 1776 transaction costs Haste makes waste Haste makes a higher cost 45

46 46

47 economies of scale overhead costs supplementary costs J.M.Clark,1923 R.H.Coase,1938 overhead costs direct costs prime costs quasi rent 47

48 equity 48

49 fullcapacity 49

50 50

51 $7,000 $2,700 $4,000 $2,000 $3,000 $2,000 $20,700 $6.57 $13,149 $90,000 $54,000 $9,000 $45,000 $13,149 $20,700 $11,151 $15.89 $9.52 $

52 $4.93 $6.57 $5.39 $20,700 52

53 53

54 monopolist economic efficiency 54

55 public utilities inefficient 55

56 56

57 T.R.Malthus geometric progression arithmetic progression 57

58 division of labour 58

59 59

60 postulate of constrained maximization R.H.Coase A.A.Alchian G.J.Stigler informationcost 60

61 transaction costs Will China Go Capitalist K.Arrow institutional costs 61

62 joint products L.Walras N N N 62

63 pure competition impure competition perfect competition imperfect competition 63

64 L.Walras M.Friedman competition A.Marshall propertyrights paradigm

65 65

66 hypothesis testing 66

67 inefficient economic waste economically efficient 67

68 V.Pareto, Pareto condition welfare economics A.Lerner, Pareto optimality resource allocation income distribution 68

69 69

70 G.Tullock invisible hand 70

71 A.Smith 71

72 shirking opportunismholdup theory of games J.vonNeumann, O.Morganstern,

73 Hotelling paradox 73

74 pricing arrangement pricing behavior price taking price searching monopoly oligopoly A.Director price making 74

75 75

76 R.H.Coase F.Hayek M.Friedman1912- herd instinct 76

77 mixed economy 77

78 price taking price searching price taking 78

79 potential G.J. Stigler concentration ratio 79

80 commodity futures 80

81 average revenue marginal revenue return wealthrent profit fixed cost variable cost direct cost overhead cost economic rent quasi rent 81

82 expectation 82

83 impute imputed rent random number effect supply elasticity 83

84 84

85 windfall 85

86 perfectlycompetitivemarket Coase Theorem H.Demsetz firm 86

87 price searching 87

88 monopoly natural monopoly public utilities The Marginal Cost Controversy WhyRegulateUtilities A.A.Alchian 88

89 89

90 90

91 91

92 R.Kessel Price Discrimination in Medicine patents trade secrets copyrights trademarks 92

93 patent rights J.Bentham,1795 J.B.Say,1803 J.S.Mill,1848 J.B.Clark,1907 F.W.Taussig,1915 A.C.Pigou,1920 R and D laboratories T.A.Edison, A.Plant,1934 P.A.Samuelson,1954 K.Arrow,

94 dissipation of rent Y.Barzel,1968 R.H.Coase the right to an invention the right to invent the right to invent 94

95 patent search basic patents 95

96 the laws of nature ether patent claim patent claim 96

97 infringement novelty utility Reckendorfer 97

98 trade secrets reverse engineering discovery by fair means contract tort agency trust restitution employed inventors 98

99 licence Stradivari Black 99

100 copyrights trademarks aspirin Bayer aspirin Mickey Mouse 100

101 John D. Rockefeller Standard Oil Trust Sherman Act predatory price cutting antitrust Clayton Antitrust Act Robinson-Patman Act trust M.Friedman R.H.Coase A.A.Alchian P.A.Samuelson A.C.Harberger 101

102 monopolize monopoly tie-in sales IBM IBM IBM Microsoft AT and T AT and T A Tand T Kodak 102

103 price fixing 103

104 104

105 price searching 105

106 marginal use value average exchange value price $7.00 $6.00 $5.00 monopoly rent $6.00$26.00 $20.00 marginal revenue marginal cost $6.50 $6.50 $5.00 $10.50 $5.00 $5.00 $5.00 $6.00 $6.50 dead weight loss A.Director extraction of consumer's surplus $8.00 $7.50 $5.00 $10.50 $5.00 all-or-nothing $

107 $10.50 $6.00 $6.50 $3.00 $6.00 $10.50 $6.50 $6.50 $6.25 $6.00 $5.75 $6.25 $5.00 $10.50 $6.25 $6.50 $6.25 $3.00 $6.50 $3.00 $7.50 $

108 $6.00 $7.00 $3.50 $6.00 $3.00 $5.75 $6.00 $4.00 quantity discount 108

109 price discrimination G.J.Stigler 109

110 peak-load pricing peak-load 110

111 111

112 first degree third degree perfect price discrimination second degree J.Dupuit,1844 F.W.Tausig,1891 A.C.Pigou,1920 Mrs.J.Robinson,1933 price elasticity of demand 112

113 peak-load pricing VIP 113

114 114

115 tie-in sales tie-in tie-in sales P.A.Samuelson not a place but a state of mind H.Johnson Of course we are a state of mind A.Director 115

116 116

117 stencil paper IBM tie-in sales tying product tied product 117

118 meter 118

119 per calculation 119

120 120

121 full-line forcing tie-in sales M.L.Burstein tie-in sales end users 121

122 122

123 123

124 block booking 124

125 Microsoft foreclose 125

126 Nestcape Netvigator Nestcape Internet Explorer 126

127 key money 127

128 128

129 information cost transaction cost G.J.Stigler coefficient of variation asymetric information 129

130 A.A.Alchian 130

131 P.A.Samuelson What has God wrought? Pareto optimality! 131

132 132

133 u 133

134 134

135 jadeite 135

136 136

137 Stigler core theory game theory 137

138 138

139 139

140 factorofproduction 140

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untitled 01 2 1776 (Adam Smith, 1723~1790) (University of Glasgow) (The Wealth of Nations) (Trade-off) (Micro-economics) (Macro- economics) 3 CHAPTER 01 (invisible hand) (equibilium) (market failure) 1. M 2. 3.

卷二第七章 觅价与价格分歧

卷二第七章觅价与价格分歧